Renaissance Learning, Inc. reported net income of $5.8 million, or $0.20 per share, for the first quarter of 2010. This was an increase from the net income of $3.9 million, or $0.13 per share, in the same quarter of 2009. Renaissance Learning, Inc. benefited from a one-time tax benefit of $1.1 million, or $0.04 per share.
Renaissance Learning, Inc. said that sales were $32.2 million in the first quarter of 2010, up 12% from the $28.6 million reported in the same quarter of last year. The company ended the quarter on March 31, 2010 with cash and equivalents of $44 million and no debt.
Terrance D. Paul, the CEO of Renaissance Learning, Inc., said, “We are pleased to report strong financial results again this quarter. In addition to good revenue and income growth, cash flow was strong and first quarter orders grew by 23%. While order growth benefited from one large district order this quarter, even without that order, the underlying order growth rate was strong at about 9%.
Renaissance Learning, Inc provides computer software to private and public schools to assess the progress of students in core curriculum and other areas. The company’s products are used in 72,000 schools in the United States, Canada and the United Kingdom.